Erickson Air-Crane buys Evergreen Helicopters

Erickson Air-Crane has added another major Oregon helicopter player into its fold.

Erickson Air-Crane has added another major Oregon helicopter player into its fold.

The long-time Sikorsky aircrane and helitanker operator said it is purchasing Evergreen Helicopters from Evergreen International Aviation of McMinnville for $250 million. The announcement came days after the company launched into the medium-lift helicopter realm with a pending South American acquisition.

Erickson Air-Crane will pay $185 million in cash, $17.5 million in unsecured promissory notes issued by the company, and approximately $47.5 million worth of Erickson shares. The deal is expected to close in the second quarter.

"As we look to the future of our company it is clear that we have begun a new chapter," Udo Rieder, president and chief executive officer, said in a statement.

He said the company is moving beyond its position as "a leader in heavy-lift operations to build a diverse, global aviation services provider."

Earlier this month, Erickson said it will acquire Brazilian helicopter firm Air Amazonia from HRT Participacoes em Petroleo for between $65 million and $75 million.

Once both deals are closed Erickson said the consolidated firms will produce approximately $430 million in revenue and operate a diverse fleet of 100 helicopters and fixed-wing aircraft.

"Our combined company will offer a comprehensive set of capabilities, a world-class customer base, a diverse portfolio of aircraft, and the ability to service nearly every corner of the globe," Rieder said.